State tax collections totaled $7.1 billion in the first month of the new fiscal year, a decline of $1.1 billion or 13.1 percent from the same period last year, largely driven by a decline in personal income tax (PIT) collections, according to the state cash report issued today by State Comptroller Thomas P. DiNapoli.
"The fiscal year is off to a rocky start. Tax collections for the first month of the fiscal year were nearly $1 billion below projections released in February," DiNapoli said. "It’s not clear whether this is the result of underlying economic conditions, taxpayers deferring income due to potential federal tax changes or other factors, but revenue impacts from developments in Washington and changes in the economy must be monitored closely in the coming months."
The Enacted Budget Financial Plan, which is expected to be released by the Executive shortly, should provide information about how recent collections are anticipated to affect the financial plan going forward.
Through April 30, All Funds receipts totaled $12.1 billion, a decline of $845.1 million, or 6.5 percent, from a year earlier. PIT collections fell by nearly $1.4 billion or 21.6 percent due primarily to lower receipts from payments made with annual tax returns and requests for filing extensions as well as an increase in refunds. The decline in PIT was partially offset by an increase in corporate franchise tax collections (up $274.4 million), miscellaneous receipts (up $37.6 million or 2.6 percent) and federal receipts (up $197.5 million or 6 percent). The large increase in corporate franchise tax collections reflects a shift in collections from March to April resulting from legislation that allows certain businesses to coordinate the filing of their federal and state tax returns.
All Funds spending totaled $11.7 billion through the first month, approximately $1.1 billion, or 10.9 percent, higher than last year for the same period. Significant increases include spending for Medicaid (up $887.8 million, primarily from federal sources) and education (up nearly $150 million). Increased spending was partially offset by lower spending for General State Charges (down $169.9 million or 6.5 percent).
The General Fund ended April with a balance of $7.4 billion, which was nearly $3.5 billion lower than a year earlier.
For a detailed breakdown, go to http://www.osc.state.ny.us/finance/cbr.htm
DiNapoli's office issues a state cash report every month identifying state revenues and spending from the prior month. The cash report focuses primarily on the General Fund and All Governmental Funds. The General Fund is the major operating fund of the state. All Governmental Funds includes General, Special Revenue, Debt Service and Capital Projects funds, as well as funds from the federal government. The report is now accessible in Excel and Adobe formats.
For access to state and local government spending, public authority financial and debt data and information on 130,000 state contracts, visit Open Book New York. The easy-to-use website was created to promote transparency in government and provide taxpayers with better access to financial data.